GR Silver Mining Revisits Marlin Gold Disposition, Enhancing Financial Position
GR Silver Mining Revisits Marlin Gold
Disposition, Enhancing Financial Position
VANCOUVER, BC
,
June 28, 2024
/CNW/ -
GR Silver Mining Ltd.
("
GR Silver Mining
" or the
"
Company
") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce that
the Company and a private, arm's-length Canadian company active in
Mexico
("
PrivateCo
") have
signed on
June 27, 2024
, a definitive and binding Share Purchase Agreement (the "
Agreement
")
pursuant to which PrivateCo will acquire 100% of the issued and outstanding shares of Marlin Gold
Mining Ltd. ("
Marlin
") from GR Silver Mining. Marlin is a private
British Columbia
company, 100%
owned by GR Silver Mining. Marlin owns, amongst other assets, Oro Gold de
Mexico
, S.A. de C.V.
("
Oro Gold
"), a private Mexican company that owns 100% of nine non-core concessions ("
Other
Concessions
"), including the past producing
La Trinidad
mine, located adjacent to GR Silver
Mining's core Plomosas Project.
Pursuant to the Agreement, GR Silver Mining will transfer to PrivateCo all existing assets and rights,
as well as all outstanding undertakings, covenants, indemnities and obligations, of Marlin and its
subsidiaries, including
Oro Gold
, in consideration for which GR Silver Mining will receive a 0.5% NSR
Royalty on the Other Concessions owned by
Oro Gold
(as shown in Figure 1) and a 10-year first
right of refusal on any disposition of Other Concessions by PrivateCo. The transaction is expected to
close within one month.
The disposition of Marlin and its subsidiaries allows GR Silver Mining to focus on resource growth
and the potential development of the Company's core Plomosas Project (78 km
2
) (as shown in
Figure 1), including the San Marcial, Plomosas Mine, and San Juan Areas. In addition, the Company
continues to hold several non-core concessions (270 km
2
) (as shown in Figure 1).
Figure 1: GR Silver Mining Plomosas Project mining concessions, Sinaloa, Mexico. (CNW Group/GR
Silver Mining Ltd.)
CEO and Chair of GR Silver Mining, Eric Zaunscherb, commented, "It is our priority to increase the
value of our Plomosas Project on behalf of our shareholders. This Agreement with PrivateCo will
allow us to focus on our bulk sampling test mining program (
news release
, update dated
June 27
),
as well as position the Company to resume resource drilling in the San Marcial area and advance
technical studies. The Agreement eliminates most of the Company's working capital deficit without
diminishing its resource inventory." Zaunscherb added, "GR Silver Mining's geological team has done
an excellent job growing the Plomosas Project resource estimate significantly and cost effectively.
The team has demonstrated the exploration model's efficacy with an exceptional hit rate, and we
continue to be excited by the project's potential for further resource growth."
The Plomosas Project, including the San Marcial – Plomosas Mine -
San Juan
/
La Colorada
areas,
hosts 55 million ounces of silver or 85 million ounces of silver equivalent in the Indicated category,
and 22 million ounces silver or 45 million ounces of silver equivalent in the Inferred category. The full
technical report dated
May 3rd, 2023
, with an effective date of
March 15th, 2023
, is entitled
"Technical Report and Mineral Resource Update for the Plomosas Project". The report was
prepared for GR Silver Mining Ltd. by Dr.
Gilles Arseneau
, P.Geo. of ARSENEAU Consulting
Services Inc. and can be found under the Company issuer profile at
SEDAR+
.
In management's view, the San Marcial area represents an important focus for exploration given its
silver-dominant mineralization (46 million ounces of silver in the Indicated Category and 14 million
ounces of silver in the Inferred category), scalability, significant widths, and shallow depths, Figure2.
Simultaneously, management intends to advance technical studies and permitting for San Marcial's
potential development. Management continues to advance Bulk Sampling Trial Mining at the
Plomosas Project, exploring low-cost alternatives to explore existing historical underground mines
and define new areas for potential drilling and resource expansion.
Figure 2: San Marcial General Longitudinal Resource Area, View Southwest (CNW Group/GR Silver
Mining Ltd.)
Qualified Person
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects
for this news release is
Marcio Fonseca
, P. Geo., President & COO for GR Silver Mining, who has
reviewed and approved its contents.
About GR Silver Mining Ltd
.
GR Silver Mining is a Canadian-based,
Mexico
-focused junior mineral exploration company engaged
in cost effective silver-gold resource expansion on its 100%-owned assets, located on the eastern
edge of the Rosario Mining District, in the southeast of Sinaloa State,
Mexico
. GR Silver Mining
controls 100% of the former Plomosas underground mine within the Plomosas Project, which
includes the integrated San Marcial Area. In conjunction with a portfolio of early to advanced stage
exploration targets, the Company holds 78 km
2
of highly prospective core concessions and an
additional 270 km
2
of non-core concessions.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair & CEO
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable
Canadian securities legislation and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press release, the words "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. Such statements and information reflect the
current view of the Company. Risks and uncertainties may cause actual results to differ materially
from those contemplated in those forward-looking statements and information. By their nature,
forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this press release.
SOURCE
GR Silver Mining Ltd.
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For further information:
For further information, please contact: Eric Zaunscherb, Telephone:
+1.647.293.8457, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 07:30e 28-JUN-24